Goldman Sachs Asset Management has received an approval from the Securities and Exchange Board of India (Sebi) to start a wholly-owned asset management and mutual fund business in India.
The approval has been granted to Goldman Sachs Asset Management Company (India), a subsidiary of the Goldman Sachs Group, to act as the investment manager of Goldman Sachs Mutual Fund.
Chief Executive Officer Adam Broder and Chief Investment Officer Prashant Khemka will steer the operations of Goldman Sachs Asset Management in India.
“It is our goal to emerge as a world-class asset manager in India by drawing synergies from our global expertise and combining them with our proven risk management techniques to deliver strong and consistent results for our investing clients. India is among the fastest-growing economies in the world, with a robust and growing savings and investment pool,” said Khemka.
“We are delighted to have received the Mutual fund approval from Sebi so promptly. India is one of the most important countries to our Asian business and we have a long-term strategic commitment to this market. We are confident that our experienced team, innovative product set, long-standing industry experience and client-focused culture gives us a unique vantage point, from which to establish a leading position in the Indian asset management industry,” said Broder.
Goldman Sachs is the 38th fund house to get the Sebi approval for starting mutual fund operations in India. Motilal Oswal recently got an in-principle approval for its AMC. Others in the fray include Japan’s Shinsei Bank and India’s Ambit, which has tied up with Nikko for a joint venture in the mutual fund business.
